Keon Ellis signs two-year, $18M contract with Brooklyn Nets

The Brooklyn Nets are signing free agent guard Keon Ellis to a two-year, $18 million contract, ESPN's Shams Charania reported Tuesday. The fully guaranteed deal marks the first major payday for Keon Ellis after four seasons on two-way and minimum-salary contracts, giving Brooklyn perimeter defense and shooting depth as free agency opens.

Key Takeaways

• Keon Ellis agreed to a two-year, $18 million fully guaranteed deal with the Brooklyn Nets, per ESPN's Shams Charania.
• The contract includes a mutual option in year two that still guarantees the full $18 million total.
• Ellis spent 2025-26 with Sacramento and Cleveland before Cleveland prioritized re-signing Dean Wade over retaining him.
• The 26-year-old reunites with Nets head coach Jordi Fernandez, who worked with him in Sacramento.
• Brooklyn had roughly $180.9 million in cap allocations before the signing, per Spotrac.

How much is Keon Ellis's new Nets contract worth?

Charania reported that Ellis will earn $18 million over two years on a deal that is fully guaranteed. The second year is described as a mutual option, though Charania noted the structure still locks in the full $18 million payout. Both sides can also revisit a new contract next summer.

For a player who spent his first four NBA seasons on two-way and minimum-salary deals, the agreement represents a sharp earnings jump. HoopsRumors ranked Ellis No. 38 on its 2026 top-50 free-agent list and noted he had never earned more than the veteran minimum before this move.

According to Spotrac data cited by Bleacher Report, the Nets carried $180.9 million in total salary cap allocations before adding Ellis, along with $100.5 million in first-apron space and $113.2 million in second-apron space. Cap expert Yossi Gozlan noted Brooklyn could use cap room or the room exception to complete the signing.

Why did Keon Ellis leave the Cleveland Cavaliers?

Ellis finished the 2025-26 regular season strongly after the Kings traded him to Cleveland in a three-team deal involving the Chicago Bulls. In 29 Cavaliers appearances, he averaged 8.3 points and 1.6 assists in 24.8 minutes while shooting 35.5 percent from three, per Bleacher Report.

His playoff minutes told a different story. Ellis appeared in 12 of Cleveland's 18 postseason games, and NBA.com data cited by Bleacher Report showed the Cavaliers were 13.7 points per 100 possessions better with him on the bench. The Stein Line's Marc Stein and Jake Fischer reported Ellis was effectively a contingency plan if forward Dean Wade left in free agency.

Retaining Ellis was viewed as a lesser priority for Cleveland as it focused on Wade and other roster decisions. With Wade's future more central to the Cavaliers' plans, Ellis hit unrestricted free agency and landed in Brooklyn.

What does the signing mean for Brooklyn's roster?

The Nets were among the most logical suitors before free agency began. Bleacher Report noted Brooklyn still had cap space even after trading for Julius Randle, and Stein and Fischer had already linked Ellis to the franchise because of his relationship with Fernandez, who was Sacramento's top assistant when Ellis played for the Kings.

Ellis profiles as an aggressive, active defender who creates turnovers and has knocked down 40.7 percent of his career three-point attempts. He is listed at 6-foot-4 and 175 pounds, and while he is not a primary playmaker, his off-ball cutting has produced a 59.3 percent career mark inside the arc.

For more on how NBA contracts reshape player wealth trajectories, see our Net Worth & Wealth coverage. Full details were first reported by HoopsRumors and confirmed across multiple outlets on Tuesday.

Where does Keon Ellis fit on the Nets depth chart?

Bleacher Report projects Ellis at shooting guard behind a young backcourt that includes Mikel Brown Jr., Ben Saraf, and Nolan Traore at point guard, with Egor Demin and Drake Powell also in the mix. Yahoo Sports had previously identified him as the type of defensive backcourt piece Brooklyn could use alongside its developing guards.

Brooklyn's front office has been active beyond this signing. Day'Ron Sharpe and Josh Minott also agreed to re-sign with the team. Ellis now has a full offseason to settle in under Fernandez and convert regular-season promise into a steadier role.